04.12.23-Monday, 08.30 am 

Good Morning all... 

What has happened on Friday? Nifty Index, opened on a positive note at 20194.10;  on the opening move, the Index made a day low 20183.70 thereafter; it moved up, made a day high 20291.55 and closed on a positive note at 20267.90 with an intra gain 134.75 points, i.e., 0.67%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a positive note with gap up near 20320-20355-20395 levels; if open, trade and sustain above 20395 then, the index may test 20425-20455-20480-20505-20530-20565-20600 levels. On the other hand, the immediate support lies at 20290-20260 if, the Index moves below 20260 then, it may try to re-visit 20240-20225-20205-20185-20155-20125-20085 levels.

Special Mention: On Friday, Nifty Index continued the northward rally, made a high 20291.55 and closed well above 20222 levels. In the near term, if the Index moves and closes above 20600, then it may test 20750-20915-21080 levels. On the other hand, the strong support now lies at 20220-19850, if the Index moves and closes below 19850 then, the Index may try to re-visit 19650-19330 levels in the near term. Let see how the Index opens today at 20320-20360-20395 levels.

Nifty Bank Index: On Friday, Nifty Bank Index opened on a positive note at 44580.15; on the opening move, it made a day low 44531.75 thereafter, it moved up, made a day high 44951.10 and closed on a positive note at 44814.20 with an intra gain by 332.45 points, i.e., 0.75%, today the Nifty Bank Index must move above 44950-45070 levels; if to do so, then it may try to test 45170-45245-45275-45345-45410-45500-45620 levels. On the other hand, any weakness near 44950-45070 further, it moves below 44815-44740 then, the Index may re-visit 44690-44630-44530-44420-44255 levels.

FII's & DII's Funds Flow: On Friday, FIIs continued as a net buyer, they bought on the net basis to the tune of Rs.1589.61 Cr. On other hand, the DIIs turned as a net buyer, they bought on the net basis to the tune of Rs.1448.08 Cr. 

INDIA's Macro Data:

On 01st Dec'23, the S&P Global Manufacturing PMI data for the month of Nov'23 released, it moved up to 56% from 55.50% (Oct'23). Likewise, the S&P Global Services PMI data for the month of Oct'23 released on 03rd Nov'23, it  moved down to 58.40 from 61% (Sep'23).

The RBI MPC meet held on 06th Oct'23-Friday,  the MPC maintained status quo in the Repo rate without changing the interest rate i.e., 6.50%. 

GDP data for the Q2 ending Sep'23 released on 30th Nov'23-Thursday, the GDP has moved down to 7.60% Vs.7.80% (Q1-Jun'23). 

IIP data for Sep'23 released on 10th Nov'23-Friday, the data shows that, the Industrial production has moved down to 5.80% when compared to the Aug'23, it stood at 10.30%. 

Annual Inflation data for Oct'23 released on 13th Nov'23-Monday, it shows that the Inflation has further moved down to 4.87% from Sep'23 level i.e., 5.02%.

WPI Inflation data for the month of Oct'23 released on 14th Nov'23-Tuesday, it has further moved down to -0.52% as against the Sep'23 level i.e.,-0.26%.

Wishing you for a safe, secured and profitable trading.

DISCLAIMER:

The writing in the above daily market update should only be construed as guidance. I assert that any business or investment decisions should not be based purely on the information presented in the daily market update. As a Research Analyst, I will not be responsible for any losses incurred by a visitor/investor/client, as a result of decisions made based on any information given in the daily market update.

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